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cities. stockton, that's the california city, flat-out bankrupt. it begins the bankruptcy journey in court today. everybody is watching. will the judge roll back city pensions and if he does, what about other california cities and town. same question for detroit, it's not technically bankrupt, but it's totally insolvent. kevyn orr runs the city and what will he do with a city with unpayable debts. everybody is watching that one. in some, some are improving, but not stockton and not detroit. ♪ >> we just outlined two american cities on the verge of or actually in bankruptcy. now how about an entire country on the verge of a flat-out depression. that's what cyprus faces, a bailout plan has been approved. bank accounts over 100,000 euros will be taxed. the russian mob losing. angela merkel, the germans winning. i'm going to call it catastrophe for the people of cyprus which is where we find rich edson. and rich, set the scene. i'm hearing that it's not chaos, it's not misery, they're actually having a party. it's a holiday today. go. >> it is a party, stuart. it is europe. the caf
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